百度- 评估 2025 年第三季度业绩关键争议；买入

Post Baidu's Sep-Oct share price move (up 50% followed by 20% correction lately), we layout three key debates on the name, centering around its cloud growth/capex outlook, asset value unlock schedule, as well as downside for ads business. Into the 3Q25 print around mid/late Nov, we believe the market has already largely priced in a significant profit decline yoy in 3Q, but will more likely focus on sequential trends into 4Q25/26 for cloud/AI initiatives, and potential capital market actions including a pote ...